ADVANCED ACCOUNTING
14th Edition
ISBN: 9781260361681
Author: Hoyle
Publisher: MCG
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Montero Drilling Ltd. recently reported $21,800 of sales,$9,400 in operating costs other than depreciation, and $2,100 in depreciation. The company had no amortization charges, and it had outstanding $8,250 of bonds that carry a 7.25% interest rate. Its federal-plus-state income tax rate is 35%. How much was the firm’s net income after taxes? Montero uses the same depreciation expense for tax and stockholder reporting purposes.
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What is the days sales collected
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